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DECREE

On registration of security interests

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THE GOVERNMENT

Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the November 24, 2015 Civil Code;

Pursuant to the November 25, 2015 Maritime Code of Vietnam;

Pursuant to the November 29, 2013 Land Law;

Pursuant to the November 25, 2014 Housing Law;

Pursuant to the June 29, 2006 Law on Civil Aviation of Vietnam and the Law Amending and Supplementing a Number of Articles of the Law on Civil Aviation of Vietnam;

Pursuant to the December 3, 2004 Law on Forest Protection and Development;

At the proposal of the Minister of Justice,

The Government promulgates the Decree on registration of security interests.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree prescribes the procedures for registration of, and provision of information about, asset-based security interests (below referred to as registration of, and provision of information about, security interests); and the state management of the registration of security interests.

Article 2. Objects of application

1. Individuals and legal persons that request registration of security interests or ask for information about security interests.

Households that request registration of security interests or ask for information about security interests in accordance with the Civil Code.

2. Agencies competent to register and provide information about security interests; and agencies competent to perform the state management of registration of security interests.

3. Other related individuals and legal persons.

Article 3. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Registration of security interests means the recording in the security interest register or entry into the database on security interests by a registry of the use of assets by the securing party to secure the performance of an obligation toward the security-accepting party;

2. Register means a cadastral register or a register of mortgage of future land-attached assets in case of security interest in land use rights or land-attached assets, Vietnam aircraft register in case of security interest in aircraft, Vietnam seagoing ship register in case of security interest in seagoing ships, or another register as prescribed by law;

3. Database on security interests means a collection of information about registered security interests which are kept at a registry;

4. National database on security interests means a system of information about registered security interests in certain types of assets nationwide;

5. Code for use of the database on security interests means a series of numbers and an online registration account (including a username and a password) which are granted to an individual or a legal person for online registration of security interests;

6. Valid dossier for registration means a dossier comprising a written request for registration and other valid documents or only a written request for registration, if so required by law;

7. Valid written request for registration means a written request containing all information to be compulsorily declared.

Article 4. Cases subject to registration

1. The following security interests are subject to registration:

a/ Mortgage of land use rights;

b/ Mortgage of land-attached assets the ownership of which has been certified in the certificate of land use rights and ownership of houses and land-attached assets;

c/ Pledge or mortgage of aircraft;

d/ Mortgage of seagoing ships.

2. The following security interests may be registered upon request:

a/ Mortgage of other movable property;

b/ Mortgage of future land-attached assets;

c/ Title retention in case of purchase and sale of land-attached assets or future land-attached assets; purchase and sale of aircraft or seagoing ships; or purchase and sale of other movable property with title retention.

Article 5. Validity time of security interest registration

1. The registration of security interest in land use rights, land-attached assets, aircraft or seagoing ship will become valid when the registry records the registration contents in the register.

The registration of security interests in other movable property will become valid when it is updated in the database on security interests.

2. The registration of change due to addition of collateral without making a new security contract or due to addition of a secured obligation and involved parties’ failure to reach agreement on obligations arising in the future at the time of entering into their contract, will become valid when it is updated in the register or database on security interests.

3. The following cases will not change the time when the registration of security interests becomes valid:

a/ Changing the registration of mortgage of property rights arising out of a house purchase and sale contract to the registration of mortgage of a future house or changing the registration of mortgage of property rights arising out of a house purchase and sale contract to the registration of mortgage of a house when the future house has been built as prescribed in the Housing Law, the registration of security interests will become valid from the time of registration of mortgage of property rights arising out of the house purchase and sale contract;

b/ Cases of registration of change prescribed in Clauses 1, 2, 4 and 5, Article 18 of this Decree.

Article 6. Validity period of security interest registration

The registration of a security interest will become valid from the time of registration specified in Article 5 of this Decree to the time of deregistration.

Article 7. Principles of registration of, and provision of information about, security interests

1. The contents of declaration and documents in dossiers of request for registration of security interest in land use rights, land-attached assets, aircraft or seagoing ships must be consistent with those kept at the registry.

The registry may not require any documents other than those prescribed by law in the dossiers; and may not require involved parties to correct the name or content of their security contract unless there are errors made by the requester for registration.

2. The security interests in other movable property shall be registered based on contents self-declared in the written requests for registration and the requesters for registration shall take responsibility before law for the lawfulness and accuracy of information declared in their written requests.

3. Information about registered security interests shall be kept in the register, databases and the national database on security interests. The registry shall provide information about registered security interests upon request of individuals, legal persons or households.

Article 8. Requesters for registration and their obligations and responsibilities

1. Requesters for registration of security interests, change of registered security interests, correction of errors, registration of written notices of disposal of collateral, or deregistration of security interests include: securing party, security-accepting party; seller and buyer in case of transfer or purchase and sale of assets with title retention (below referred to as securing party and security-accepting party); asset administrator, asset administration or liquidation enterprise if the insolvent enterprise or cooperative lent its assets to others without registration of security interests, or lawful representatives of these entities. In case of replacement of the securing party or security-accepting party, the new securing party or security-accepting party will become the requester for registration.

The requester for registration shall submit a dossier of request for deregistration of security interest as prescribed at Point i, Clause 1, Article 21 of this Decree if the securing party or security-accepting party that fails to request deregistration is the civil judgment enforcement agency; or is the bailiff office if the bailiff office performs tasks of a civil judgment enforcement agency as prescribed by law (below referred to as bailiff office); or is the individual or legal person that purchases the assets under a judgment enforcement decision.

2. A requester for registration shall make a complete, accurate and truthful declaration consistent with the content of the secured transaction already entered into, take responsibility for the provided information, and pay compensation for any caused damage in accordance with law.

Article 9. Agencies competent to register or provide information about security interests

1. The Civil Aviation Authority of Vietnam under the Ministry of Transport shall register and provide information about security interest in aircraft.

2. The Vietnam Maritime Administration or its Branch Offices or maritime administrations as decentralized by the Vietnam Maritime Administration under the Ministry of Transport (below referred to as Vietnam Registrar of Ships) shall register and provide information about security interest in seagoing ships.

3. Branches of land registries and land registries under provincial-level Departments of Natural Resources and Environment (below referred to as land registries) shall register and provide information about security interests in land use rights and land-attached assets.

4. The Transaction and Asset Registration Center of the National Registration Agency for Secured Transactions under the Ministry of Justice (below referred to as the registration center) shall register and provide information about security interests in movable property and other assets not falling within the registration competence of the agencies defined in Clauses 1, 2 and 3 of this Article.

Article 10. Tasks, powers and responsibilities of agencies competent to register or provide information about security interests

1. An agency competent to register or provide information about security interests has the following tasks and powers:

a/ To register security interests; to register change of registered security interests; to correct errors; to register written notices of disposal of collateral; and to deregister security interests;

b/ To certify registration of security interests in land use rights and land-attached assets; to grant written certifications of registration of security interests in aircraft, seagoing ships and other movable property, and copies of written certifications of registration of security interests;

c/ To provide information about security interests;

d/ To refuse registration or provision of information in case there is a ground specified in Article 15 or 61 of this Decree;

dd/ To collect, remit, manage and use charges for registration or provision of information about secured transactions in accordance with law;

e/ To manage registered online information according to its competence;

g/ To update information about security interests into the national database on security interests;

h/ To archive dossiers and documents on security interest registration in accordance with the law on archives.

2. An agency competent to register or provide information about security interests has the following responsibilities:

a/ To accurately register contents of written requests for registration;

b/ To register and provide information about security interests on schedule, except force majeure cases;

c/ To provide information about security interests, exchange information about legal status of collateral consistent with information kept at the registry.

Article 11. Charges for registration and provision of information about security interests and grant of codes for use of the database on security interests

When requesting registration of security interests, provision of information about security interests, grant of copies of written certifications of registration of security interests or codes for use of the database on security interests, a requester shall pay relevant charges in accordance with the law on charges and fees, except cases of charge exemption as prescribed by law.

Article 12. Documents proving exemption from charge for security interest registration

1. If an individual or a household is exempted from charge for security interest registration as prescribed in the law on credit policies for agricultural and rural development, he/she/it shall submit one of the following papers to prove the exemption:

a/ Security contract or credit contract with a term stating that the individual or household will use loans for agricultural and rural development (1 original or 1 certified true copy);

b/ Written certification (bearing signature and seal) of the credit institution stating that the individual or household will use loans for agricultural and rural development (1 original or 1 certified true copy).

2. In case of change of registered security interest, registration of written notice of disposal of collateral, or deregistration of security interest and the previous dossier for registration comprises one of the papers specified in Clause 1 of this Article, the requester for registration is not required to submit these papers.

Chapter II

DOSSIERS AND PROCEDURES FOR SECURITY INTEREST REGISTRATION

Section 1

GENERAL PROVISIONS ON PROCEDURES FOR SECURITY INTEREST REGISTRATION

Article 13. Methods of submitting dossiers for security interest registration

A dossier for security interest registration shall be submitted by any of the following methods:

1. Via the online registration system;

2. Direct submission;

3. By post;

4. By email in case the requester for registration has been granted a code for use of the database on security interests.

Article 14. Receipt of dossiers for security interest registration

1. If a dossier for security interest registration is directly submitted, the recipient shall check if it is valid.

If the dossier is valid, the recipient shall record it in the dossier receipt book and issue the requester a written appointment of result notification. If the dossier is invalid, the recipient shall guide the requester to directly complete the dossier or give the requester written guidelines for completing the dossier in accordance with law.

2. If a dossier for security interest registration is sent by post or email, the recipient shall check if it is valid.

If the dossier is valid, the recipient shall record it in the dossier receipt book. If the dossier is invalid, the recipient shall, right on the date of receipt, issue a written refusal of the dossier and written guidelines for completion of the dossier. The written refusal and guidelines for completion of the dossier shall be returned together with the dossier to the requester by registered mail if the dossier was sent by post, or by email if it was sent by email.

Article 15. Refusal to register security interests

1. The registry may refuse to register a security interest when there is any of the following grounds:

a/ The security interest falls beyond its registration competence;

b/ Information in a dossier for registration is found inconsistent with the information kept at the registry or forging documents are detected;

c/ The requester for registration fails to pay a charge for registration, except the case of charge exemption as prescribed by law;

d/ The collateral is land use rights or a house ineligible for mortgage as prescribed in the land and housing laws. If the collateral is land use rights or a house under dispute, the registry may only refuse the registration when there is a document accepting or proving the acceptance of settlement of the dispute issued by a competent dispute settlement agency;

dd/ The contents of registration are declared not in accordance with law;

e/ The request for registration of change, a written notice of disposal of collateral or correction of errors is made in case the security interest has been deregistered;

g/ The registry receives a written request for suspension or termination of registration of a collateral to which the securing party is the judgment debtor from an executor of a civil judgment enforcement agency or a bailiff of a bailiff office as prescribed in the law on civil judgment enforcement;

h/ The registry receives a written notice of distraint of a collateral for judgment enforcement from a judgment enforcement agency or a bailiff office.

2. If there exists a ground for refusing registration as prescribed in Clause 1 of this Article, the recipient of the dossier shall issue a written refusal stating the reason for refusal and guidelines for implementation in accordance with law.

3. The refusal shall be made right on the date of receipt of a dossier; if the dossier is received after 15:00 hours, the refusal shall be made on the next working day.

Article 16. Time limit for processing dossiers for registration of, or provision of information about, security interests

1. The agency competent to register or provide information about security interests shall process a dossier for registration or provision of information right on the working day if the dossier is valid; if the dossier is received after 15:00 hours, the registration or provision of information shall be completed on the next working day, or possibly within 3 working days if necessary.

2. If a dossier for registration of security interest in land use rights or land-attached assets is submitted at the People’s Committee of a commune, ward, or township (below referred to as the commune-level People’s Committee) or at the dossier receipt and reply division operating under the single-window mechanism, the time limit for processing dossiers shall be counted from the date the land registry receives the dossier forwarded by the commune-level People’s Committee or the dossier receipt and reply division operating under the single-window mechanism.

3. The time limit specified in Clause 1 of this Article shall be counted from the date the registry receives a valid dossier.

Article 17. Notification of results of registration of, and provision of information about, security interests

Results of registration of, and provision of information about, security interests shall be notified to the requesters for registration by any of the following methods:

1. Directly at the registry.

If the dossier was submitted at the dossier receipt and reply division operating under the single-window mechanism or a commune-level People’s Committee, the requester for registration shall receive results at such division or People’s Committee;

2. By post;

3. Another method as agreed upon by the registry and requester for registration.

Article 18. Cases of registration of change of registered security interests

A requester for registration shall submit a dossier for registration of change of registered security interest in any of the following cases:

1. Withdrawal, addition, or substitution of the securing party or security-accepting party as agreed; renaming or change of the securing party or the security-accepting party due to enterprise reorganization;

2. Partial withdrawal of collateral;

3. Addition of collateral without entering into a new security contract;

4. Collateral is future assets which have already been formed, unless it is circulating goods in the course of production and business or is a motor vehicle whose frame number was already declared upon security interest registration.

If collateral is future land-attached assets (including future houses) which have already been formed, the procedures for registration of change shall be carried out concurrently with those for certification of asset ownership in the certificate of land use rights and ownership of house and land-attached assets;

5. Request for correction of errors in the written request for registration;

6. Addition of a secured obligation in case the initial security contract has no agreement on mortgage or pledge of assets to secure future obligations.

Article 19. Registration of written notices of disposal of collateral

In case of disposal of collateral, if the collateral disposer requests registration of a written notice of disposal of collateral, a dossier for registration of written notice of disposal of collateral shall be sent by one of the methods prescribed in Article 13 of this Decree to a competent registry.

Article 20. Correction of errors in registered security interests due to the registry’s fault

If finding any errors in the registered security interest due to the registry’s fault, a requester for registration shall send a written request for error correction by the methods prescribed in Article 13 of this Decree to a competent registry.

Article 21. Cases of deregistration of security interests

1. A requester for registration shall submit a dossier for deregistration of security interest in any of the following cases:

a/ The secured obligation is terminated;

b/ The registered security interest is cancelled or replaced with another one;

c/ Collateral is wholly replaced with another one;

d/ Collateral is completely disposed of;

dd/ Collateral is wholly destroyed or lost; collateral being land-attached assets is demolished or confiscated under a competent state agency’s decision;

e/ There is a court’s legally effective judgment or decision or an arbitrator’s decision on cancellation of security interest or declaration of invalid security interest;

g/ The security interest is unilaterally terminated or the termination of security interest is declared in other cases as prescribed by law;

h/ The mortgage of property rights arising out of a house purchase and sale contract is deregistered in case of changing the registration of mortgage as prescribed by law;

i/ The civil judgment enforcement agency or bailiff office has already distrained or disposed of collateral;

k/ It is so agreed upon by the involved parties.

2. In case an asset is used to secure the performance of more than one obligation, when requesting registration of a subsequent security interest, the requester for registration is not required to request deregistration of the previously registered security interest.

Article 22. Grant of copies of written certifications of registration of security interests

1. A requester for registration of security interest is entitled to request the registry to grant copies of written certifications of registration of security interest in aircraft, seagoing ship or other movable property.

2. Request for grant of copies of written certifications of registration of security interests shall be made by one of the methods specified in Article 13 of this Decree.

3. Within one working day after receiving a request for grant of copies of a written certification of registration of security interest, the registry shall issue such copies to the requester.

Article 23. Security interest registration in case of addition of secured obligations

1. If a new secured obligation is added and a new security contract which is validly independent from the previously registered one is entered into by the involved parties, the requester for registration shall apply for registration of a new security interest without deregistration of the previous security interest.

2. If a new secured obligation is added and a new security contract is entered into by the involved parties to replace the previously registered one, the requester for registration shall submit a dossier for deregistration of the registered security interest and a dossier for registration of a new security interest simultaneously with carrying out the procedures for such deregistration and registration.

3. The addition of a new secured obligation is not required to be registered if:

a/ The security contract or contract with the registered secured obligation has a term stating the pledge or mortgage of collateral for future obligations;

b/ The addition of the new secured obligation does not involve addition of collateral;

c/ The involved parties only enter into a contract on revision of the registered security contract or of the contract with the secured obligation without entering into a new security contract.

Section 2

DOSSIERS AND PROCEDURES FOR REGISTRATION

OF SECURITY INTEREST IN AIRCRAFT

Article 24. Dossiers for registration of aircraft pledge or mortgage

A requester for registration shall submit a dossier for registration of aircraft pledge or mortgage, which must comprise:

1. A written request for registration (1 original);

2. The contract on aircraft pledge or mortgage (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 25. Dossiers for registration of aircraft title retention in case of purchase and sale of aircraft with title retention

In case of purchase and sale of an aircraft with title retention, a requester for registration shall submit a dossier for registration of title retention, which must comprise:

1. A written request for registration (1 original);

2. The contract on purchase and sale of aircraft with a title retention term or the contract on purchase and sale of aircraft enclosed with a document on aircraft title retention (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 26. Dossiers for registration of change of registered secured interest in aircraft

A requester for registration shall submit a dossier for registration of change of registered secured interest in aircraft, which must comprise:

1. A written request for registration of change (1 original);

2. The granted written certification of registration of secured interest in aircraft (1 original or 1 certified true copy);

3. The contract on revision of the contract on aircraft pledge or mortgage or the contract on revision of the contract on purchase and sale of aircraft with a title retention term or the document on revision of the document on aircraft title retention or the document proving the change (1 original or 1 certified true copy);

4. A list of registered contracts on aircraft pledge or mortgage or a list of contracts on purchase and sale of aircraft with a title retention term or registered documents on aircraft title retention in case of renaming of the security-accepting party or substitution of the security-accepting party in multiple contracts on aircraft pledge or mortgage or contracts on purchase and sale of aircraft with a title retention term or registered documents on aircraft title retention (1 uncertified copy);

5. A letter of attorney, if the requester for registration is authorized (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 27. Dossiers for correction of errors in registered security interests in aircraft due to the registry’s fault

If a requester for registration detects errors in a registered security interest in aircraft due to the registry’s fault, he/she/it shall submit a dossier for error correction, which must comprise:

1. A written request for error correction (1 original);

2. The granted written certification of registration of security interest in aircraft, in case it contains errors (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is authorized (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 28. Dossiers for registration of written notices of disposal of pledged or mortgaged aircraft

A requester for registration shall submit a dossier for registration of written notice of disposal of pledged or mortgaged aircraft, which must comprise:

1. A written request for registration of written notice of disposal of pledged or mortgaged aircraft (1 original);

2. The written notice of disposal of pledged or mortgaged assets (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison);

3. The granted written certification of registration of secured interest in aircraft (1 uncertified copy);

4. A letter of attorney, if the requester for registration is authorized (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 29. Dossiers for deregistration of security interest in aircraft

1. A requester for deregistration shall submit a dossier for deregistration of security interest in aircraft, which must comprise:

a/ A written request for deregistration (1 original);

b/ The granted written certification of registration of secured interest in aircraft (1 original or 1 certified true copy);

c/ The written consent of deregistration of security interest in aircraft given by the security-accepting party (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison) or the written certification of the termination of the securing party’s obligations toward the security-accepting party (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison) in case the requester is the securing party and the written request for deregistration bears no signature of the security-accepting party;

d/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

2. In case of deregistration prescribed at Point i, Clause 1, Article 21 of this Decree, a dossier for deregistration of security interest in aircraft must comprise:

a/ The documents specified at Points a, b, and d, Clause 1 of this Article;

b/ The written certification of the disposal of collateral issued by the civil judgment enforcement agency or bailiff office (1 original or 1 certified true copy or uncertified copy enclosed with the original for comparison).

Article 30. Procedures for registration of security interest in aircraft; change of registered security interest; correction of errors; deregistration; registration of written notice of disposal of pledged or mortgaged aircraft

1. In case of registration of aircraft pledge or mortgage, registration of aircraft title retention, change of registered security interest, deregistration, or registration of written notice of disposal of pledged or mortgaged assets, during the dossier processing time limit, the Civil Aviation Authority of Vietnam shall check if the information in the dossiers are consistent with the information recorded in the Vietnam aircraft register, then record the registration of aircraft pledge or mortgage, aircraft title retention, registration of change of registered security interest, deregistration, or registration of a written notice of disposal of pledged or mortgaged aircraft in the Vietnam aircraft register and grant a written certification of registration of security interest in aircraft to the requester for registration.

2. In case of substitution of aircraft, the requester for registration shall submit a dossier for deregistration as prescribed in Article 29 of this Decree, then submit a dossier for security interest registration as prescribed in Article 24 of this Decree.

3. In case of registration of a written notice of disposal of pledged or mortgaged aircraft, the Civil Aviation Authority of Vietnam shall send the written certification of registration of a written notice of disposal of collateral to the joint security-accepting parties if the aircraft is used to secure performance of multiple obligations according to their addresses recorded in the Vietnam aircraft register.

4. If the registry finds any errors in the Vietnam aircraft register or a written certification of registration of security interest in aircraft due to its fault, within 1 working day, the Civil Aviation Authority of Vietnam shall correct the errors in the Vietnam aircraft register, or correct the errors and re-grant the written certification of registration of security interest in aircraft, and concurrently send a written notice of the correction to the requester for registration and withdraw the erroneous written certification of registration of security interest in aircraft.

If the requester for registration submits a dossier of request for correction of errors in a security interest in aircraft due to the registry’s fault, within 1 working day, the Civil Aviation Authority of Vietnam shall correct the errors and re-grant the written certification of registration of security interest in aircraft, and notify the result to the requester.

Section 3

DOSSIERS AND PROCEDURES FOR REGISTRATION OF SECURITY INTEREST IN SEAGOING SHIPS

Article 31. Mortgaged seagoing ships

The following types of seagoing ships are eligible for being mortgaged:

1. Seagoing ships with permanent registration;

2. Seagoing ships with fixed-term registration;

3. Seagoing ships under construction;

4. Seagoing ships with temporary registration;

5. Small seagoing ships.

Article 32. Dossiers for registration of seagoing ship mortgage

A requester for registration shall submit a dossier for registration of seagoing ship mortgage, which must comprise:

1. A written request for registration (1 original);

2. The contract on seagoing ship mortgage (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 33. Dossiers for registration of seagoing ship title retention in case of purchase and sale of seagoing ships with title retention

In case of purchase and sale of a seagoing ship with title retention, a requester for registration shall submit a dossier for registration of title retention, which must comprise:

1. A written request for registration (1 original);

2. The contract on purchase and sale of seagoing ship with a title retention term or the contract on purchase and sale of seagoing ship enclosed with a document on seagoing ship title retention (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 34. Dossiers for registration of change of registered security interest in seagoing ships

A requester for registration shall submit a dossier for registration of change of registered security interest in seagoing ship, which must comprise:

1. A written request for registration of change (1 original);

2. The contract on revision of the contract on seagoing ship mortgage or the contract on revision of the contract on purchase and sale of seagoing ship with a title retention term or the document on revision of the document on seagoing ship title retention or the document proving the change (1 original or 1 certified true copy);

3. The granted written certification of registration of secured interest in seagoing ship (1 original or 1 certified true copy);

4. A list of registered contracts on seagoing ship mortgage or a list of contracts on purchase and sale of seagoing ships with a title retention term or registered documents on seagoing ship title retention in case of renaming of the security-accepting party or substitution of the security-accepting party in multiple contracts on seagoing ship mortgage or contracts on purchase and sale of seagoing ships with a title retention term or registered documents on seagoing ship title retention (1 uncertified copy);

5. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 35. Dossiers for correction of errors in registered security interests in seagoing ships due to the registry’s fault

If a requester for registration detects errors in the registered security interest in seagoing ships due to the registry’s fault, he/she/it shall submit a dossier of request for error correction, which must comprise:

1. A written request for error correction (1 original);

2. The granted written certification of registration of security interest in seagoing ship, in case it contains errors (1 original or 1 certified true copy);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 36. Dossiers for registration of written notices of disposal of mortgaged seagoing ships

A requester for registration shall submit a dossier for registration of written notice of disposal of mortgaged seagoing ship, which must comprise:

1. A written request for registration of written notice of disposal of mortgaged seagoing ship (1 original);

2. A written notice of disposal of mortgaged seagoing ship (1 original or uncertified copy enclosed with the original for comparison);

3. The granted written certification of registration of security interest in seagoing ship (1 uncertified copy);

4. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 37. Dossiers for deregistration of security interest in seagoing ships

1. A requester for deregistration shall submit a dossier of request for deregistration of security interest in seagoing ship, which must comprise:

a/ A written request for deregistration (1 original);

b/ The granted written certification of registration of security interest in seagoing ship (1 original or 1 certified true copy);

c/ The written consent to deregistration of security interest in seagoing ships given by the security-accepting party (1 original or 1 uncertified copy enclosed with the original for comparison) or a written certification of the termination of the securing party’s obligations toward the security-accepting party (1 original or 1 uncertified copy enclosed with the original for comparison) in case the requester is the securing party and the written request bears no signature of the security-accepting party;

d/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

2. In case of deregistration prescribed at Point i, Clause 1, Article 21 of this Decree, a dossier of request for deregistration of security interest in seagoing ships must comprise:

a/ The documents specified at Points a, b, and d, Clause 1 of this Article;

b/ The written certification of the disposal of collateral granted by the civil judgment enforcement agency or bailiff office (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 38. Procedures for registration of security interest in seagoing ships; change of registered security interest; correction of errors; deregistration; registration of written notices of disposal of mortgaged seagoing ships

1. In case of registration of seagoing ship mortgage, registration of seagoing ship title retention, registration of change of registered security interest, deregistration, or registration of a written notice of disposal of mortgaged assets, during the dossier processing time limit, Vietnam Registrar of Ships shall check if the information in the dossiers is consistent with the information recorded in the Vietnam seagoing ship register, then record the seagoing ship mortgage, registration of seagoing ship title retention, change of registered security interest, deregistration, or registration of written notice of disposal of mortgaged assets in the Vietnam seagoing ship register and grant a written certification of registration of security interest in seagoing ship to the requester.

In case of registration of a written notice of disposal of mortgaged seagoing ship, Vietnam Registrar of Ships shall send written certifications of registration of security interest in seagoing ships to the joint security-accepting parties if the seagoing ship is used to secure performance of multiple obligations according to their addresses recorded in the Vietnam seagoing ship register.

2. If the registry finds any errors in the Vietnam seagoing ship register or in a written certification of registration of security interest in seagoing ships due to its fault, within 1 working day, Vietnam Registrar of Ships shall correct the errors in the Vietnam seagoing ship register, or correct the errors and re-grant the written certification of registration of security interest in seagoing ships, and concurrently send to the requester a written notice of correction and withdraw the erroneous written certification of registration of security interest in seagoing ship.

If the requester submits a dossier of request for correction of errors in a registered security interest in seagoing ship due to the registry’s fault, within 1 working day, Vietnam Registrar of Ships shall correct the errors and re-grant the written certification of registration of security interest in seagoing ships, and notify the result to the requester.

Section 4

DOSSIERS AND PROCEDURES FOR

REGISTRATION OF SECURITY INTEREST IN LAND USE RIGHTS

OR LAND-ATTACHED ASSETS

Article 39. Dossiers of request for registration of mortgage of land use rights or land-attached assets

A requester for registration shall submit a dossier of request for registration of mortgage of land use rights or registration of mortgage of land use rights and land-attached assets or registration of mortgage of land-attached assets, which must comprise:

1. A written request for registration (1 original);

2. The mortgage contract or notarized or certified mortgage contract as prescribed by law (1 original or 1 certified true copy);

3. The original certificate of land use rights and ownership of house and land-attached assets or one of the certificates prescribed in Clause 2, Article 97 of the Land Law (below referred to as certificate);

4. In case of mortgage of future land-attached assets other than houses, in addition to the documents specified in Clauses 1, 2 and 3 of this Article, the requester for registration shall submit the following documents:

a/ The construction permit if it is required by law or the decision on approval of investment project if it is required by law (1 uncertified copy), unless the mortgage contract has been notarized or certified; and one of design drawings demonstrating the construction ground of the project if the project owner mortgages a work construction project (1 uncertified copy);

b/ The construction permit if it is required by law or the decision on approval of investment project if it is required by law (1 uncertified copy), unless the mortgage contract has been notarized or certified; and one of design drawings demonstrating the construction ground of land-attached assets approved by a competent agency in case of mortgage of future land-attached assets being other construction works (1 uncertified copy);

5. A notarized or certified agreement between the land user and land-attached assets’ owner on the formation of land-attached assets in case of mortgage of land-attached assets in which the land user is not the land-attached assets’ owner (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison);

6. Proving documents in the following cases:

a/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison);

b/ One of the documents proving that the requester is exempted from charge for security interest registration as prescribed in Article 12 of this Decree.

Article 40. Dossiers for registration of mortgage of housing construction investment projects or future houses

1. In case of registering the mortgage of a housing construction investment project or of a future house in a project, a requester for registration shall submit a dossier for registration of mortgage, which must comprise:

a/ The documents specified in Clauses 1 and 2, and at Point a, Clause 6, Article 39 of this Decree;

b/ The original certificate or decision on land allocation or land lease granted by a competent agency to the project owner;

c/ The construction permit if it is required by law or decision on approval of investment project if it is required by law (1 uncertified copy), unless the mortgage contract has been notarized or certified;

d/ One of design drawings as prescribed by the construction law demonstrating the construction ground of the project or of a work in the project that has been approved by a competent agency in case of mortgage of a housing construction investment project (1 uncertified copy);

2. In case of mortgage of a future house of an individual, a legal person, or a household in a housing construction investment project, a requester for registration shall submit a dossier for registration of mortgage, which must comprise:

a/ The documents specified in Clauses 1 and 2, and at Point a, Clause 6, Article 39 of this Decree;

b/ The contract on purchase and sale of house entered into by the mortgagor and project owner in accordance with the housing law (1 original or 1 certified true copy).

If the mortgagor is a transferee of a contract on purchase and sale of house, the document on transfer of the contract made in accordance with the housing law shall be also submitted (1 original or 1 certified true copy).

3. In case of registration of mortgage of land use rights together with a future house or of a future house of an individual, a legal person or a household which is constructed on his/her/its own land plot, a requester for registration shall submit a dossier for registration of mortgage, which must comprise:

a/ The documents specified in Clauses 1, 2, 3 and 6, Article 39 of this Decree;

b/ The construction permit if it is required by law, unless the mortgage contract has been notarized or certified (1 uncertified copy).

Article 41. Dossiers for registration of mortgage of land-attached assets other than houses which have already been formed but the ownership of which has not been certified

1. In case of mortgage of a land-attached asset other than house which has already been formed but the ownership of which has not been certified and whose owner is the land user, a requester for registration shall submit a dossier for registration of mortgage, which must comprise:

a/ The documents specified in Clauses 1, 2, 3 and 6, Article 39 of this Decree;

b/ A dossier of request for certification of ownership of land-attached assets as prescribed in the land law.

2. In case of mortgage of a land-attached asset other than house which has already been formed but the ownership of which has not been certified and whose owner is not the land user, a requester for registration shall submit a dossier for registration of mortgage, which must comprise:

a/ The documents specified in Clauses 1, 2 and 6, Article 39 of this Decree;

b/ A dossier of request for certification of ownership of land-attached assets as prescribed in the land law.

Article 42. Dossiers for registration of title retention in case of purchase and sale of land-attached assets with title retention

In case of purchase and sale of land-attached assets with title retention, a requester for registration shall submit a dossier for registration of title retention, which must comprise:

1. A written request for registration (1 original);

2. The contract on purchase and sale of assets with a title retention term or the notarized or certified contract on purchase and sale of assets enclosed with a document on title retention (1 original or 1 certified true copy);

3. The original certificate;

4. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified true copy or 1 uncertified copy enclosed with the original for comparison).

Article 43. Dossiers for registration of change of registered security interests in land use rights or land-attached assets

1. A requester for registration shall submit a dossier for registration of change of registered security interest in land use rights, land use rights and land-attached assets, or land-attached assets, which must comprise:

a/ A written request for registration of change (1 original);

b/ The contract on revision of the mortgage contract (except the registration of change of collateral being future land-attached assets which have already been formed as prescribed in Clause 4, Article 18 of this Decree), or the contract on revision of the asset purchase and sale contract with a title retention term or a document on revision of the document on title retention in case of change of security interest as agreed upon by the involved parties (1 original or 1 certified copy) or another document proving the change (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison) in case of change of security interest under a competent agency’s decision;

c/ The original certificate, in case of registration of a security interest in which such certificate is required in the registration dossier;

d/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

2. In case the land user or owner of land-attached assets is permitted by a competent state agency to use a name other than that stated in the granted certificate after having a security interest in his/her/its land use rights or land-attached assets registered, registration of change of the registered security interest shall be made simultaneously with carrying out the procedures for adjustment of land-related changes (change of the name of the land user or owner of land-attached assets in the certificate).

Before registering change of a security interest, the land registry shall certify the change of the name of the securing party in case of mortgage of land use rights or land-attached assets or of the name of the security-accepting party in case of purchase and sale of assets with title retention in the certificate and cadastral file. In this case, the requester for registration is not required to deregister the security interest in land use rights or land-attached assets before registering the change.

Article 44. Dossiers for correction of errors in the content of registered security interests in land use rights or land-attached assets due to the registry’s fault

In case a requester for registration detects in the written request for registration or in the certificate errors in the content of the registered security interest in land use rights or land-attached assets due to the registry’s fault, he/she/it shall submit a dossier for error correction, which must comprise:

1. A written request for error correction (1 original);

2. The written request for registration which contains errors (1 original);

3. The original certificate, if the certificate contains errors;

4. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

Article 45. Dossiers for registration of written notices of disposal of mortgaged land use rights or land-attached assets

A requester for registration shall submit a dossier for registration of a written notice of disposal of mortgaged land use rights or land-attached assets, which must comprise:

1. A written request for registration of written notice of disposal of mortgaged assets (1 original);

2. The written notice of disposal of mortgaged assets (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

Article 46. Dossiers for change of registration of mortgage of property rights arising from house purchase and sale contracts

1. When wishing to change the registration of the mortgage of property rights arising from house purchase and sale contract to the registration of the mortgage of future house, a requester for registration shall submit a dossier for change of registration of the mortgage of property rights arising from house purchase and sale contract, which must comprise:

a/ A written request for change of mortgage registration (1 original);

b/ A document containing information on the mortgage of property rights arising from a house purchase and sale contract (1 original or 1 uncertified copy enclosed with the original for comparison) or the written certification of registration of security interest (1 original or 1 uncertified copy enclosed with the original for comparison) and the written certification of the registration of change of the registered mortgage given by the property right mortgage registry, if any (1 original or 1 uncertified copy enclosed with the original for comparison);

c/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

2. When wishing to change the registration of the mortgage of property rights arising from house purchase and sale contract to the registration of the mortgage of future house which has already been formed (tested before being put into use), a requester for registration shall submit a dossier for change of registration of the mortgage of property rights arising from house purchase and sale contract, which must comprise:

a/ The papers specified at Points a, b and c, Clause 1 of this Article;

b/ The house mortgage contract notarized or certified under law (1 original or 1 certified copy);

c/ The certificate (containing certification of house ownership rights).

Article 47. Dossiers for deregistration of security interests in land use rights or land-attached assets

1. A requester for registration shall submit a dossier for deregistration of security interest in land use rights or land-attached assets, which must comprise:

a/ A written request for deregistration (1 original);

b/ The written approval of the deregistration, given by the security-accepting party (1 original or 1 uncertified copy enclosed with the original for comparison) or the written certification of demortgage, given by the security-accepting party (1 original or 1 uncertified copy enclosed with the original for comparison), if the written request for deregistration only bears the signature of the securing party;

c/ The original certificate, in case of registration of a security interest in which such certificate is required in the registration dossier;

d/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

2. In case of deregistration specified at Point i, Clause 1, Article 21 of this Decree, a requester for registration shall submit a dossier for mortgage deregistration, which must comprise:

a/ The papers specified at Points a, c and d, Clause 1 of this Article;

b/ The written certification of the result of disposal of collateral, given by the civil judgment enforcement agency or bailiff’s office (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

Article 48. Procedures for registration of security interests in land use rights or land-attached assets; registration of change of registered security interests; correction of errors; deregistration; and registration of written notices of disposal of mortgaged land use rights or land-attached assets

1. In case of registration of security interests in land use rights or land-attached assets, registration of change of registered security interests, or deregistration, the land registry shall, within the dossier processing time limit, write the content of mortgage registration, title retention, change registration, or deregistration, and time of registration in chronological order of dossier receipt in the cadastral book and certificate, then certify the registration content in the written request for registration.

2. In case of registration of a written notice of disposal of mortgaged assets, the land registry shall write the content of registration of the written notice in the cadastral book; certify the registration content in the written request for registration and issue a written notice of disposal of mortgaged assets to the registered co-mortgagees, in case land use rights or land-attached assets are used to secure performance of multiple obligations.

3. In case the registry detects in the register, a certificate or a written request for registration its errors in the registered content, within 1 working day, the land registry shall correct the errors and send a written notice of error correction to the requester for registration according to the address stated in the written request for registration.

In case the requester for registration submits a dossier of request for correction of errors in the content of a registered security interest in land use rights or land-attached assets due to the registry’s fault, within 1 working day, the land registry shall correct the errors in the certificate and register, certify such correction in the written request for error correction, and notify the result to the requester for registration.

Article 49. Procedures for change of registration of mortgage of property rights arising from house purchase and sale contracts

1. Within the dossier processing time limit, the land registry shall:

a/ Write information on the change of registration of mortgage of property rights arising from house purchase and sale contract and write the time of mortgage registration in the register of mortgage of future land-attached assets (in case of change of registration of mortgage of property rights arising from house purchase and sale contract to registration of mortgage of future houses); or write the change of registration of mortgage of property rights arising from house purchase and sale contract and write the time of mortgage registration in the cadastral book and granted certificate (in case of change of registration of mortgage of property rights arising from house purchase and sale contract to registration of mortgage of future houses which have already been formed);

b/ Write information on the change of registration of mortgage of property rights arising from house purchase and sale contract and write the time of mortgage registration in the written request for change of mortgage registration;

c/ Send a copy of the written request for change of mortgage registration which shows the content specified at Point a of this Clause and the document containing information specified at Point b, Clause 1, Article 46 of this Decree to the registration center for deregistration of mortgage of property rights arising from house purchase and sale contract;

d/ Return the written request for change of mortgage registration showing the content specified at Point b of this Clause to the requester for registration.

2. In case a requester for registration that has registered the mortgage of property rights arising from contract on purchase and sale or transfer of land-attached assets other than houses wishes to change to registration of mortgage of future land-attached assets or to registration of mortgage of land-attached assets which have already been formed, he/she/it shall carry out procedures for registration change like those for change of registration of mortgage of property rights arising from house purchase and sale contract prescribed in Article 46 of this Decree and Clause 1 of this Article.

Section 5

DOSSIERS AND PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS IN MOVABLE PROPERTY

Article 50. Dossiers for mortgage registration, change registration, error correction, deregistration, and registration of written notices of disposal of collateral being movable property

1. A requester for registration shall submit a dossier for mortgage registration, change registration, error correction, deregistration, or registration of written notice of disposal of collateral being movable property, which must comprise:

a/ A written request for registration (1 original);

b/ The mortgage contract or contract on revision of the mortgage contract in case the written request for registration only bears the signature and seal of one of the parties involved in the security interest (1 uncertified copy enclosed with the original for comparison);

c/ A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison), except the following cases: The mortgagor or mortgagee, including multiple individuals or legal persons, authorizes one of them to request registration; or the requester for registration has a code for use of the database on security interests;

d/ A paper proving exemption from the charge for registration of security interests under Article 12 of this Decree, if any.

2. In case of deregistration specified at Point i, Clause 1, Article 21 of this Decree, a requester for registration shall submit a dossier for mortgage deregistration, which must comprise:

a/ The papers specified at Points a, c and d, Clause 1 of this Article;

b/ The written certification of the result of disposal of collateral, given by the civil judgment enforcement agency or bailiff’s office (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison).

Article 51. Dossiers for registration of title retention in case of purchase and sale of movable property with title retention

A requester for registration shall submit a dossier for registration of title retention in case of purchase and sale of movable property with title retention, which must comprise:

1. A written request for registration (1 original);

2. The asset purchase and sale contract with a title retention term or the asset purchase and sale contract enclosed with a document on title retention or the contract on revision of the asset purchase and sale contract with a title retention term or the document on revision of the document on title retention in case the written request for registration only bears the signature and seal of one of the parties to the security contract or purchase and sale contract (1 uncertified copy enclosed with the original for comparison);

3. A letter of attorney, if the requester for registration is an authorized person (1 original or 1 certified copy or 1 uncertified copy enclosed with the original for comparison), except the following cases: The asset purchaser or seller, including multiple individuals or legal persons, authorizes one of them to request registration; or the requester for registration has a code for use of the database on security interests.

Article 52. Procedures for registration of security interests in movable property; registration of change of registered security interests; error correction; deregistration; and registration of written notices of disposal of mortgaged movable property

1. Within the dossier processing time limit, the registry shall write the time of dossier receipt (minute, hour and date) in the written request for registration and dossier receipt book, and input information about the security interest stated in the written request for registration into the database on security interests.

2. The registry shall send its written certification of registration of security interest by one of the methods specified in Article 17 of this Decree to the requester for registration.

In case of registration of a written notice of disposal of mortgaged assets, the registry shall send its written certification of the registration of disposal of the mortgagor’s assets to the co-mortgagees in case one collateral is used to secure performance of multiple obligations according to their addresses filed in the database.

3. In case a security interest has been registered for collateral being goods circulated in the production and business process, when such collateral sees a change due to production and business activities, the requester for registration is not required to register the change.

4. In case the registry detects errors in the registered content in the database on security interests due to its fault, within 1 working day, it shall correct the errors and send a written notice of correction to the requester for registration according to the address stated in the written request for registration.

In case the requester for registration detects errors due to the registry’s fault in the content of the registered security interest in movable property, he/she/it shall submit a written request for error correction to the registration center. Within 1 working day after receiving a written request for error correction, the registry shall correct the errors and send a written certification of error correction to the requester for registration.

Section 6

ONLINE REGISTRATION OF SECURITY INTERESTS

Article 53. Online registration requests

1. Individuals, legal persons and households may choose to use the method of online registration of security interests once the online registration system is put into operation.

2. An online registration request must fully and accurately contain the contents subject to declaration on the interface of the online registration system.

Article 54. Online registration accounts

1. Individuals, legal persons and households shall be granted online registration accounts to log in to the online registration system.

2. The agency managing the online registration system shall grant online registration accounts to individuals, legal persons and households at the latter’s request.

3. Individuals, legal persons and households that have online registration accounts shall protect such accounts and take responsibility for the use thereof.

4. In case of online registration of security interests in movable property, individuals, legal persons and households shall be granted codes for use of the database on security interests.

Article 55. Operation of the online registration system

1. The online registration system shall be operated in an uninterrupted, safe and accurate manner.

2. The agency managing the online registration system shall maintain the operation of this system and ensure its information safety and security in accordance with law.

In case the operation of the online registration system is suspended for maintenance, service or upgrading or for another reason, its managing agency shall publicly and promptly notify the reason for such suspension and the expected time of resumption of its operation.

Article 56. Online registration procedures

Security interests may be registered online according to the following procedures:

1. A requester for registration shall use a code for use of the database on security interests and the granted online registration account to log in to the online registration system of security interests to declare the registration content on the online registration interface;

2. The online registration system shall certify on its interface the result of registration of security interest for the requester for registration;

3. The registry shall send 1 copy of its written certification of registration of security interest to the requester for registration by one of the methods specified in Article 17 of this Decree.

Article 57. Cases in which online registration of security interests becomes invalidated

1. Online registration of security interest will become invalidated in one of the cases specified in Clause 1, Article 15 of this Decree.

2. Cases in which online registration of security interest becomes invalidated shall be handled as follows:

a/ If the content of registration of security interest falls into one of the cases specified in Clause 1 of this Article, the registry shall consider and decide to cancel the registration result. The requester for registration shall pay a charge for registration in case the online registration result is cancelled;

b/ The cancellation of the result of online registration of security interest shall be notified promptly by post or email to the requester for registration according to the address recorded in the database on security interests.

Article 58. Data restoration in case the result of registration of security interest is groundlessly cancelled

1. When detecting that the result of registration of security interest is groundlessly cancelled, a requester for registration may request the registry to restore the cancelled result.

A written request for restoration of the cancelled result of registration of security interest shall be submitted to the registry like a dossier for registration of security interest.

2. The registry shall consider and examine the written request; if seeing that the cancellation of the result of registration of security interest is groundless, it shall restore the registered data and grant a written certification of registration of security interest to the requester for registration.

3. A registry that groundlessly cancelled the registration result, thus causing damage to the requester for registration shall pay compensation in accordance with law.

Chapter III

PROVISION, DISCLOSURE AND EXCHANGE OF INFORMATION ABOUT SECURITY INTERESTS

Article 59. The right to request provision of information about security interests

1. Individuals, legal persons and households may search for, or request provision of, information on security interests recorded in the register or database and the national database on security interests.

2. People’s courts, people’s procuracies, investigation bodies, civil judgment enforcement agencies and other competent state agencies may request registries for security interests to provide information on security interests to serve professional activities under their management. The provision of information in this case is free of charge as prescribed by law.

Article 60. Methods of request for provision of information about security interests

When asking for information about security interests, individuals, legal persons, households and agencies defined in Clause 2, Article 59 of this Decree shall send a written request for information provision to a competent registry by one of the methods specified in Article 13 of this Decree.

Article 61. Refusal to provide information about security interest

1. A registry may refuse to provide information about security interest in one of the following cases:

a/ The request for information provision is made ultra vires;

b/ The written request for information provision is illegally filled;

c/ The requester for registration fails to pay a charge for information provision, except the case specified in Clause 2, Article 59 of this Decree and the case in which individuals, legal persons or households themselves search for online information about security interests without requesting the registry to grant a written certification of the content of registration of security interest.

2. If having grounds to refuse to provide information as prescribed in Clause 1 of this Article, the dossier recipient shall make a written refusal stating the reason and give instructions in accordance with law.

3. The refusal shall be made right on the date of receipt of a dossier, or on the subsequent working day if the dossier is received after 15:00 hours.

Article 62. Information provision procedures

After receiving a valid written request for information provision, the registrar shall search for information in the register or database on security interests; and provide information in written form to the requester within the time limit specified in Article 16 of this Decree and notify the result by one of the methods specified in Article 17 of this Decree.

Article 63. Responsibility to exchange information on legal status of collateral

1. The following agencies shall exchange information on legal status of collateral:

a/ Registries for security interests;

b/ Registries for asset ownership rights, use rights and circulation rights;

c/ Civil judgment enforcement agencies and bailiff’s offices.

2. Principles of exchange of information on legal status of collateral:

a/ The exchange of information must be carried out in a timely manner and the exchanged information must be adequate and accurate; the exchanged information shall be properly used suitable to the functions and tasks of related agencies;

b/ The exchange, management and use of information must comply with the time limit and procedures prescribed in this Decree and relevant legal documents.

3. Information on collateral includes:

a/ Information exchanged between registries for security interests: information on securing parties and security-accepting parties; collaterals being road motor vehicles, inland waterway crafts, rolling stocks, land use rights, land-attached assets, aircraft, and seagoing ships; and time of registration of security interests;

b/ Information exchanged between civil judgment enforcement agencies and bailiff’s offices: decisions on distraint or decisions on distraint release for assets for judgment enforcement; information on judgment debtors and asset owners; and distrained assets.

4. Information on legal status of collateral shall be exchanged as follows:

a/ Upon registration of mortgage, registration of change in registered mortgage contents, or deregistration for road motor vehicles, inland waterway crafts or rolling stocks, the registration center shall send a written notice of mortgage of such vehicles to the registry for asset ownership rights, use rights and circulation rights, if requesters for registration make a written request for notification of mortgage of vehicles.

Right on the date of receipt of a written notice on mortgage of vehicles from the registration center, if such written notice is eligible for acceptance, the registry for asset ownership rights, use rights and circulation rights shall update information in this written notice into its asset management database and notify the result to the registration center, and send a written notice to the related individual, legal person or household;

b/ Right on the date of signing a decision on distraint or distraint release for assets for judgment enforcement, the civil judgment enforcement agency or bailiff’s office shall send a written notice to:

The land registry of the locality where the land or land-attached assets subject to distraint or distraint release is/are located;

The Civil Aviation Authority of Vietnam, in case of aircraft subject to distraint or distraint release, or Vietnam Registrar of Ships, in case of seagoing ships subject to distraint or distraint release;

The registration centers, in case assets subject to distraint or distraint release do not fall within the competence of land registries, the Civil Aviation Authority of Vietnam or Vietnam Registrar of Ships.

Within 1 working day after receiving a written notice from the civil judgment enforcement agency or bailiff’s office, if it does not fall into a case of refusal of information exchange, registries for security interests shall update information according to such written notice into their asset management databases.

Article 64. Disclosure of information about security interests

1. Information about registered security interests in house construction investment projects or work construction investment projects shall be disclosed in accordance with Clauses 2 and 3 of this Article.

2. Within 5 working days from the date of registration of security interests in house construction investment projects or work construction investment projects, land registries shall send information thereon to provincial-level Departments of Natural Resources and Environment for disclosure on their websites.

3. To-be-disclosed information includes name of project, location of project, securing party, security-accepting party, collateral, and time of registration.

Chapter IV

STATE MANAGEMENT OF REGISTRATION OF SECURITY INTERESTS

Article 65. Contents of state management of registration of security interests

1. Formulating, and guiding the implementation of, strategies and policies on development of the national registration system for security interests.

2. Promulgating, and organizing the implementation of, legal documents on registration of security interests.

3. Organizing and managing the registration of security interests; establishing and managing security interest registries; providing professional guidance and training in the registration of security interests.

4. Developing, operating and managing the national database on security interests.

5. Compiling statistics of the registration of security interests, and summarizing and reporting the registration to competent agencies.

6. Popularizing the law on registration of security interests.

7. Carrying out international cooperation on registration of security interests.

8. Examining, inspecting and monitoring the implementation of the law on registration of security interests, settling complaints and denunciations, and handling violations of the law on registration of security interests.

Article 66. Tasks and powers of related agencies in the state management of registration of security interests

1. The Government shall perform the unified management of registration of security interests.

2. The Ministry of Justice shall take responsibility before the Government for performing the unified management of registration of security interests, having the following tasks and powers:

a/ To submit to competent agencies for promulgation or promulgate according to its competence legal documents on registration of security interests;

b/ To guide and organize the implementation of legal documents on registration of security interests; to popularize the law on registration of security interests;

c/ To assume the prime responsibility for, and coordinate with related ministries in, training, and granting certificates for, registrars of security interests;

d/ To provide professional guidance and training for registrars of security interests;

dd/ To manage registration centers of the National Registration Agency for Secured Transactions;

e/ To compile statistics of registration of security interests; to summarize and annually report on registration of security interests nationwide to the Government;

g/ To examine, inspect and monitor the implementation of the law on registration of security interests, handle violations, and settle according to its competence complaints and denunciations in the implementation of the law on registration of security interests;

h/ To carry out international cooperation on registration of security interests.

3. Within the ambit of its tasks and powers, the Ministry of Transport shall:

a/ Organize professional training courses for registrars of security interests in aircraft and seagoing ships; manage agencies that register security interests in aircraft and agencies that register security interests in seagoing ships;

b/ Guide agencies that register security interests in aircraft and agencies that register security interests in seagoing ships in updating and integrating information on security interests in aircraft and seagoing ships into the national database on security interests;

c/ Develop and complete before 2020 an electronic database on aircraft and seagoing ships as a basis for online registration of security interests in aircraft and seagoing ships;

d/ Annually report to the Ministry of Justice on registration of security interests in aircraft and seagoing ships;

dd/ Settle complaints and denunciations related to registration of security interests in aircraft and seagoing ships;

e/ Coordinate with the Ministry of Justice in performing the tasks specified in Clause 2 of this Article.

4. Within the ambit of its tasks and powers, the Ministry of Natural Resources and Environment shall:

a/ Manage land registries in the registration of security interests;

b/ Develop and complete before 2025 an electronic database on land as a basis for operation of e-transactions on land, including registration of security interests in land use rights or land-attached assets;

c/ Coordinate with the Ministry of Justice in performing the tasks specified in Clause 2 of this Article.

5. People’s Committees of provinces and centrally run cities (below referred to as provincial-level People’s Committees) shall perform the state management of registration of security interests in land use rights or land-attached assets in localities, having the following tasks and powers:

a/ To guide and organize the registration and registration management of security interests in land use rights or land-attached assets in accordance with this Decree and relevant legal documents;

b/ To develop registration systems for security interests in land use rights or land-attached assets in localities;

c/ To organize professional training courses for registrars of security interests in land use rights or land-attached assets;

d/ To guide land registries in updating and integrating information about security interests in land use rights or land-attached assets into the national database on security interests;

dd/ To annually report on the registration of security interests in land use rights or land-attached assets in localities to the Ministry of Justice;

e/ To settle complaints and denunciations on registration of security interests according to their competence;

g/ To coordinate with the Ministry of Justice in performing the tasks specified in Clause 2 of this Article.

Provincial-level Departments of Justice shall assist provincial-level People’s Committees in performing the state management of registration of security interests in localities.

Article 67. Responsibilities to develop, operate and manage the national database on security interests

1. The Ministry of Justice shall assume the prime responsibility for, and coordinate with ministries, sectors and provincial-level People’s Committees in, developing, operating and managing the national database on security interests.

2. Ministries and ministerial-level agencies shall, within the ambit of their assigned tasks and powers, take responsibility before the Government for coordinating with the Ministry of Justice in developing, operating and managing the national database on security interests.

3. Provincial-level People’s Committees shall, within the ambit of their assigned tasks and powers, coordinate with the Ministry of Justice in developing, operating and managing the national database on security interests.

Chapter V

IMPLEMENTATION PROVISIONS

Article 68. Effect

1. This Decree takes effect on October 15, 2017, and replaces the Government’s Decree No. 83/2010/ND-CP of July 23, 2010, on registration of secured transactions.

2. To annul Article 1 of the Government’s Decree No. 05/2012/ND-CP of February 2, 2012, amending and supplementing a number of articles of the decrees on registration of secured transactions, legal aid, lawyers, and legal counseling.

Article 69. Transitional provisions

1. Secured transactions that are entered into before the effective date of this Decree, have not been registered and remain valid shall be registered in accordance with this Decree.

Secured transactions registered under law before the effective date of this Decree are not required to be re-registered in accordance with this Decree.

2. For localities that do not have any land registries yet, the land use rights registries in these localities may continue registering security interests until land registries are established.

Article 70. Implementation responsibility

1. The Ministry of Justice shall:

a/ Organize the implementation of this Decree;

b/ Guide a number of provisions on registration of security interests in land use rights, land-attached assets, aircraft, seagoing ships or movable property prescribed in this Decree.

2. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, chairpersons of provincial-level People’s Committees, and related individuals and legal persons shall implement this Decree./.